May 25, 2017 Comments Off on GGP Nears 160K-SF Chicago HQ Deal Views: 824 Illinois, Midwest, National News

GGP Nears 160K-SF Chicago HQ Deal

GGP is reportedly close to finalizing a 160,000-square-foot lease to relocate its headquarters to Chicago’s River North Point. The deal at the 15-story, 1.3-million-square-foot mixed-use building would allow the retail REIT to move out of a five-story, 226,750-square-foot building along the east bank of the Chicago River.

That building is being demolished to make way for development of The Howard Hughes Corp.’s 51-story tower. It is anticipated GGP would take occupancy of the River North Point space by early 2018.

River North includes two towers, one topped by a 525-room Holiday Inn. The Chicago Sun-Times is a tenant at the office tower. The property is located at 350 N. Orleans, next to the massive Merchandise Mart along the river.

JLL’s Vineet Sahgal and Meredith O’Connor are representing GGP in negotiations. CBRE’s Mike Kazmierczak and Ron Lakin advised the building’s owner, Blackstone Group.

Read more at Chicago Tribune

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